The euro currency maintained its bullish bias on Wednesday. Germany’s industrial production figures for July showed a 1.5% decline on the month. This led the industrial production to fall 5.2% on the year. The data spiked concerns that Europe’s leading economy could be slipping into a recession.
EUR/USD Back to Range Trading
The currency pair, having cleared the 1.1185 handle is seen trading within the established range of 1.1250. We expect this to continue in the short term. A strong breakout from either level will establish further direction. The upside bias is more likely, as the resistance area of 1.1340 could be the next upside target.
